Comprehensive Stock Comparison
Compare Veeco Instruments Inc. (VECO) vs Axcelis Technologies, Inc. (ACLS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | VECO | -7.4% revenue growth vs ACLS's -17.6% |
| Value | VECO | Lower P/E (18.3x vs 22.6x) |
| Quality / Margins | ACLS | 14.3% net margin vs VECO's 5.3% |
| Stability / Safety | VECO | Beta 1.49 vs ACLS's 1.62 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | ACLS | +50.8% vs VECO's +37.4% |
| Efficiency (ROA) | ACLS | 8.8% ROA vs VECO's 2.7%, ROIC 9.6% vs 2.8% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Veeco Instruments designs and manufactures specialized semiconductor manufacturing equipment used to produce microelectronic components like logic chips, memory, and photonics devices. It generates revenue primarily from selling its laser annealing, deposition, etching, and wafer processing systems to semiconductor manufacturers, foundries, and research institutions. The company's competitive advantage lies in its deep expertise in precision thin-film process technologies—particularly in areas like molecular beam epitaxy and atomic layer deposition—where it has established strong customer relationships and technical barriers to entry.
Axcelis Technologies designs and manufactures ion implantation equipment used in semiconductor chip fabrication. It generates revenue primarily from selling its implanters — high energy, high current, and medium current models — with aftermarket services like spare parts and maintenance contributing a significant portion. The company's moat lies in its specialized expertise in ion implantation technology and its established relationships with major semiconductor manufacturers.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
ACLS leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). VECO leads in 1 (Risk & Volatility). 2 tied.
Financial Metrics (TTM)
ACLS and VECO operate at a comparable scale, with $839M and $664M in trailing revenue. ACLS is the more profitable business, keeping 14.3% of every revenue dollar as net income compared to VECO's 5.3%. On growth, ACLS holds the edge at -5.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | VECOVeeco Instruments… | ACLSAxcelis Technolog… |
|---|---|---|
| RevenueTrailing 12 months | $664M | $839M |
| EBITDAEarnings before interest/tax | $39M | $137M |
| Net IncomeAfter-tax profit | $35M | $120M |
| Free Cash FlowCash after capex | $46M | $107M |
| Gross MarginGross profit ÷ Revenue | +40.0% | +44.9% |
| Operating MarginEBIT ÷ Revenue | +5.4% | +14.2% |
| Net MarginNet income ÷ Revenue | +5.3% | +14.3% |
| FCF MarginFCF ÷ Revenue | +6.9% | +12.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | -9.4% | -5.6% |
| EPS Growth (YoY)Latest quarter vs prior year | -92.3% | -28.6% |
Valuation Metrics
At 21.7x trailing earnings, ACLS trades at a 58% valuation discount to VECO's 51.8x P/E. On an enterprise value basis, ACLS's 18.8x EV/EBITDA is more attractive than VECO's 49.9x.
| Metric | VECOVeeco Instruments… | ACLSAxcelis Technolog… |
|---|---|---|
| Market CapShares × price | $1.8B | $2.7B |
| Enterprise ValueMkt cap + debt − cash | $1.9B | $2.6B |
| Trailing P/EPrice ÷ TTM EPS | 51.80x | 21.74x |
| Forward P/EPrice ÷ next-FY EPS est. | 18.27x | 22.64x |
| PEG RatioP/E ÷ EPS growth rate | — | 1.03x |
| EV / EBITDAEnterprise value multiple | 49.94x | 18.79x |
| Price / SalesMarket cap ÷ Revenue | 2.78x | 3.19x |
| Price / BookPrice ÷ Book value/share | 2.09x | 2.53x |
| Price / FCFMarket cap ÷ FCF | 40.38x | 25.01x |
Profitability & Efficiency
ACLS delivers a 11.6% return on equity — every $100 of shareholder capital generates $12 in annual profit, vs $4 for VECO. ACLS carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to VECO's 0.29x. On the Piotroski fundamental quality scale (0–9), VECO scores 6/9 vs ACLS's 5/9, reflecting solid financial health.
| Metric | VECOVeeco Instruments… | ACLSAxcelis Technolog… |
|---|---|---|
| ROE (TTM)Return on equity | +4.0% | +11.6% |
| ROA (TTM)Return on assets | +2.7% | +8.8% |
| ROICReturn on invested capital | +2.8% | +9.6% |
| ROCEReturn on capital employed | +3.2% | +10.4% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.29x | 0.04x |
| Net DebtTotal debt minus cash | $94M | -$103M |
| Cash & Equiv.Liquid assets | $163M | $145M |
| Total DebtShort + long-term debt | $258M | $42M |
| Interest CoverageEBIT ÷ Interest expense | 3.91x | 33.79x |
Total Returns (with DRIP)
A $10,000 investment in ACLS five years ago would be worth $20,803 today (with dividends reinvested), compared to $13,546 for VECO. Over the past 12 months, ACLS leads with a +50.8% total return vs VECO's +37.4%. The 3-year compound annual growth rate (CAGR) favors VECO at 12.8% vs ACLS's -13.7% — a key indicator of consistent wealth creation.
| Metric | VECOVeeco Instruments… | ACLSAxcelis Technolog… |
|---|---|---|
| YTD ReturnYear-to-date | +0.1% | -4.1% |
| 1-Year ReturnPast 12 months | +37.4% | +50.8% |
| 3-Year ReturnCumulative with dividends | +43.7% | -35.7% |
| 5-Year ReturnCumulative with dividends | +35.5% | +108.0% |
| 10-Year ReturnCumulative with dividends | +64.7% | +726.1% |
| CAGR (3Y)Annualised 3-year return | +12.8% | -13.7% |
Risk & Volatility
VECO is the less volatile stock with a 1.49 beta — it tends to amplify market swings less than ACLS's 1.62 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. VECO currently trades 85.4% from its 52-week high vs ACLS's 80.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | VECOVeeco Instruments… | ACLSAxcelis Technolog… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.49x | 1.62x |
| 52-Week HighHighest price in past year | $35.77 | $102.93 |
| 52-Week LowLowest price in past year | $16.92 | $40.40 |
| % of 52W HighCurrent price vs 52-week peak | +85.4% | +80.3% |
| RSI (14)Momentum oscillator 0–100 | 49.8 | 46.7 |
| Avg Volume (50D)Average daily shares traded | 578K | 597K |
Analyst Outlook
Wall Street rates VECO as "Buy" and ACLS as "Buy". Consensus price targets imply 33.2% upside for ACLS (target: $110) vs -1.8% for VECO (target: $30).
| Metric | VECOVeeco Instruments… | ACLSAxcelis Technolog… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $30.00 | $110.00 |
| # AnalystsCovering analysts | 36 | 12 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | 0 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +4.5% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Veeco Instruments I… (VECO) | 100 | 235.4 | +135.4% |
| Axcelis Technologie… (ACLS) | 100 | 370.2 | +270.2% |
Axcelis Technologie… (ACLS) returned +108% over 5 years vs Veeco Instruments I… (VECO)'s +35%. A $10,000 investment in ACLS 5 years ago would be worth $20,803 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Veeco Instruments I… (VECO) | $332M | $664M | +99.8% |
| Axcelis Technologie… (ACLS) | $267M | $839M | +214.3% |
Veeco Instruments Inc.'s revenue grew from $332M (2016) to $664M (2025) — a 8.0% CAGR. Axcelis Technologies, Inc.'s revenue grew from $267M (2016) to $839M (2025) — a 13.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Veeco Instruments I… (VECO) | -36.8% | 5.3% | +114.5% |
| Axcelis Technologie… (ACLS) | 4.1% | 14.3% | +247.8% |
Veeco Instruments Inc.'s net margin went from -37% (2016) to 5% (2025). Axcelis Technologies, Inc.'s net margin went from 4% (2016) to 14% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Veeco Instruments I… (VECO) | 58.1 | 48.4 | -16.7% |
| Axcelis Technologie… (ACLS) | 7.6 | 21.1 | +177.6% |
Veeco Instruments Inc. has traded in a 7x–58x P/E range over 4 years; current trailing P/E is ~52x. Axcelis Technologies, Inc. has traded in a 8x–48x P/E range over 9 years; current trailing P/E is ~22x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Veeco Instruments I… (VECO) | -3.11 | 0.59 | +119.0% |
| Axcelis Technologie… (ACLS) | 0.36 | 3.8 | +955.6% |
Veeco Instruments Inc.'s EPS grew from $-3.11 (2016) to $0.59 (2025). Axcelis Technologies, Inc.'s EPS grew from $0.36 (2016) to $3.80 (2025) — a 30% CAGR.
Chart 6Free Cash Flow — 5 Years
Veeco Instruments Inc. generated $46M FCF in 2025 (+69% vs 2021). Axcelis Technologies, Inc. generated $107M FCF in 2025 (-24% vs 2021).
VECO vs ACLS: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is VECO or ACLS a better buy right now?
Axcelis Technologies, Inc. (ACLS) offers the better valuation at 21.7x trailing P/E (22.6x forward), making it the more compelling value choice. Analysts rate Veeco Instruments Inc. (VECO) a "Buy" — based on 36 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — VECO or ACLS?
On trailing P/E, Axcelis Technologies, Inc. (ACLS) is the cheapest at 21.7x versus Veeco Instruments Inc. at 51.8x. On forward P/E, Veeco Instruments Inc. is actually cheaper at 18.3x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — VECO or ACLS?
Over the past 5 years, Axcelis Technologies, Inc. (ACLS) delivered a total return of +108.0%, compared to +35.5% for Veeco Instruments Inc. (VECO). A $10,000 investment in ACLS five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ACLS returned +726.1% versus VECO's +64.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — VECO or ACLS?
By beta (market sensitivity over 5 years), Veeco Instruments Inc. (VECO) is the lower-risk stock at 1.49β versus Axcelis Technologies, Inc.'s 1.62β — meaning ACLS is approximately 9% more volatile than VECO relative to the S&P 500. On balance sheet safety, Axcelis Technologies, Inc. (ACLS) carries a lower debt/equity ratio of 4% versus 29% for Veeco Instruments Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — VECO or ACLS?
Axcelis Technologies, Inc. (ACLS) is the more profitable company, earning 14.3% net margin versus 5.3% for Veeco Instruments Inc. — meaning it keeps 14.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ACLS leads at 14.2% versus 5.4% for VECO. At the gross margin level — before operating expenses — ACLS leads at 44.9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is VECO or ACLS more undervalued right now?
On forward earnings alone, Veeco Instruments Inc. (VECO) trades at 18.3x forward P/E versus 22.6x for Axcelis Technologies, Inc. — 4.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ACLS: 33.2% to $110.00.
07Which pays a better dividend — VECO or ACLS?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is VECO or ACLS better for a retirement portfolio?
For long-horizon retirement investors, Axcelis Technologies, Inc. (ACLS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+726.1% 10Y return). Both have compounded well over 10 years (ACLS: +726.1%, VECO: +64.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between VECO and ACLS?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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